Wikinvest Wire

Jim Rogers on Wall Street Maseratis

Wednesday, February 11, 2009

Jim Rogers was on Bloomberg earlier today. He had a few thoughts to share on the most recent bailout plan from Treasury Secretary Tim Geithner, stocks, and sports cars.

IMAGE Click to play in a new window

There is much more in this story at Bloomberg, but it's mostly about his short positions in JP Morgan, IBM, General Electric, etc.

From the video - on the newest bailout plan:
The politicians are making it worse, not better, and you know why they're making it worse? They want to support their friends on Wall Street and the bankers so they can all keep their Maseratis or their Ferrari's or whatever they're driving.
On what he wanted to hear yesterday:
I'd love for Mr. Geithner to say, "Listen guys, we've got serious problems" ... Mr. Obama could have said, "We've got a horrible problem. We've got to make up for a lot of excesses that have taken place over the last ten years. Some people are going to suffer. We have umbrellas, we have safety nets, we will do our best to help all of you who get affected by this, but it's going to be tough for a couple of years. Don't worry, America will come out of this in the end if we increase our savings, if we increase our investment, everything will be fine."

But, instead what they came out and said was, "Look, we have a horrible problem of too much debt and too much consumption and too much borrowing. You know what we're going to do? We're going to borrow more and go deeper into debt and consume more."
There are a few more recent videos of Rogers over at YouTube.

4 comments:

Anonymous said...

http://www.bloomberg.com/avp/avp.htm?clipSRC=mms://media2.bloomberg.com/cache/v1yQTu2Ffw3w.asf

Anonymous said...

Everybody knows when a cop catches you speeding you do not pull over; you speed up so you can get away.

Don't you ever watch reality tv? That way there is a massive crash at the end. If you are lucky you die, so you do not have to live knowing you killed your grandchildren's future and retirement.

Anonymous said...

blah blah blah

Jim Rogers needs to come back State-side from his ivory tower in Singapore and maybe starting addign something to the US economy.

He has been riding high for several decades on the government sponsored (through tax breaks and other incentives) movement of jobs from the US to Asia, but now he suddenly sees reason to bitch.

I highly doubt that old bastard takes the bus.

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